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Leucadia National Corporation Announces 2013 Results

Leucadia National Corporation (NYSE:LUK) today announced its operating results for the year ended December 31, 2013. Net income attributable to Leucadia National Corporation common shareholders was $369.2 million ($1.06 per diluted common share) for 2013 compared to $854.5 million ($3.44 per diluted common share) for 2012. These results reflect the inclusion of the operations of Jefferies Group LLC and its subsidiaries since its acquisition on March 1, 2013. In addition, during 2013, operating results include realized and unrealized gains of $410.3 million, excluding investments held by Jefferies, comprised of an unrealized gain on Jefferies shares prior to the acquisition and a realized gain related to the sale of Inmet Mining Corporation. During 2012, operating results include realized gains and income recognized of $1,179.8 million related to securities of Fortescue Metals Group Ltd.

For more information on the Company’s results of operations for 2013, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission today.

In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend equal to $0.0625 per Leucadia common share payable on March 28, 2014 to record holders of Leucadia common shares on March 17, 2014.
 
 

SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES

(In thousands, except per share amounts)

(Unaudited)
     
For the Three Month For the Year

Period Ended December 31,

Ended December 31,

2013
 

2012

2013
 

2012
 
Net revenues $ 2,921,918   $ 2,775,446   $ 10,429,491   $ 9,405,332  
 
Net realized securities gains (losses) $ (421 ) $ 8,912   $ 243,957   $ 590,581  
 

Income (loss) from continuing operations before income taxes and income related to associated companies
$ (23,730 ) $ 692,234 $ 353,002 $ 1,329,633
 
Income related to associated companies   29,481     22,847     119,041     88,649  
 
Income from continuing operations before income taxes 5,751 715,081 472,043 1,418,282
 
Income tax provision   20,841     258,980     110,741     531,153  
 
Income from continuing operations (15,090 ) 456,101 361,302 887,129
 

Income (loss) from discontinued operations, including gain (loss) on disposal, net of taxes
  4,075     (5,261 )   891     (22,488 )
 
Net income (loss) (11,015 ) 450,840 362,193 864,641
 
Net loss attributable to the noncontrolling interest 64 993 1,162 2,060
 

Net (income) loss attributable to the redeemable noncontrolling interests
20,521 2,333 9,282 (12,235 )
 
Preferred stock dividends   (1,016 )       (3,397 )    
 

Net income attributable to Leucadia National Corporation common shareholders
$ 8,554   $ 454,166   $ 369,240   $ 854,466  
 

Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
Income (loss) from continuing operations $ .01 $ 1.88 $ 1.06 $ 3.58

Income (loss) from discontinued operations, including gain (loss) on disposal
  .01     (.02 )   .01     (.09 )
Net income $ .02   $ 1.86   $ 1.07   $ 3.49  
 
Number of shares in calculation   368,146     244,583     339,673     244,583  
 

Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
Income (loss) from continuing operations $ .01 $ 1.85 $ 1.06 $ 3.53

Income (loss) from discontinued operations, including gain (loss) on disposal
  .01     (.02 )       (.09 )
Net income $ .02   $ 1.83   $ 1.06   $ 3.44  
 
Number of shares in calculation   368,262     248,922     347,734     248,914  

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